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China bans financial, payment institutions from cryptocurrency business
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China bans financial, payment institutions from cryptocurrency business
05/18/2021 | 09:30am EDT
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BEIJING, May 18 (Reuters) - China has banned financial
institutions and payment companies from providing services
related to cryptocurrency transactions, and warned investors
against speculative crypto trading.
It was China s latest attempt to clamp down on what was a
burgeoning digital trading market. Under the ban, such
institutions, including banks and online payments channels, must
not offer clients any service involving cryptocurrency, such as
registration, trading, clearing and settlement, three industry
bodies said in a joint statement on Tuesday. Recently, crypto currency prices have skyrocketed and
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